Slide 1: Q3 2025 Presentation
Q3 2025 Presentation 14 November 2025
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements and information, including assumptions, opinions and views of the Company or third-party sources, and are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual results and event
Slide 3: Agenda
Agenda › Introduction › 2025Q3 Highlights › Financials › Market & Regulatory Update › Operational Update Q&A
Slide 4: Serving industrial applications and hard-to-abate sectors
Serving industrial applications and hard-to-abate sectors Power-To- Gas Refinery/ Decarbonization Renewables Synthetic fuel H2 Balancing + the grid O2 H2O Fertilizer/ ammonia Water Global provider of large-scale pressurized green hydrogen systems and game- Steel changing electrode technology Product
Slide 5: HydrogenPro delivers to largest projects
HydrogenPro delivers to 2 of the 10 largest projects (excl. China) (Electrolyzer capacity MW p.a.) ACES SALCOS® 5 Source: IEA “Hydrogen production projects” database
Slide 6: Agenda
Agenda › Introduction › 2025Q3 Highlights › Financials › Market & Regulatory Update › Commercial & Operational Update Q&A
Slide 7: 2025Q3 Highlights
2025Q3 Highlights 1 2 3 Revenues of 35 MNOK in Q3 Gross margin of 55% in Q3 Expanded testing hours to vs. 13 MNOK in Q2 vs. 22% in Q2 ensure electrolyzer optimization and quality control 4 5 6 Partnership with Thermax progressing Strengthening our footprint in Appointment of new Chief well Middle Ea
Slide 8: Agenda
Agenda › Introduction › 2025Q3 Highlights › Financials › Market & Regulatory Update › Commercial & Operational Update Q&A
Slide 9: Key P&L items
Key P&L items NOK million Q3 2025 Q2 2025 Q3 2024 Revenue from contracts with customers 35 13 72 › Q3 revenues mainly related to ACES project › SALCOS project: 3rd Gen electrode technology Direct materials 16 10 53 supplied from Denmark commenced in the quarter Gross profit 19 3 19 › Gross margin in
Slide 10: Cash balance, changes in cash and backlog
Cash balance, changes in cash and backlog NOK million Q3 2025 Q2 2025 Q3 2024 Cash balance start of period 107 165 247 › Investments in the third quarter mainly related to EBITDA -45 -48 -38 expansion of electrode manufacturing capacity in Changes in NWC & other -3 -6 -3 Aarhus Investments Financing
Slide 11: Completed cost savings target
Completed cost savings target of > 40 MNOK p.a. Our strategy with strong partners enables global reach with lean operations and low costs Annualized cost savings (MNOK) > 40 › Group-wide cost measures include i) downsizing in Europe, ii) reduced cost in our China operations and iii) reduced use of >
Slide 12: Agenda
Agenda › Introduction › 2025 Q3 Highlights › Financials › Market & Regulatory Update › Commercial & Operational Update Q&A
Slide 13: Slow market: only 30% of clean hydrogen projects advanced
Slow market: only 30% of clean hydrogen projects advanced in two years… Hydrogen Projects by Development Stage (# of projects) 7% 9% 12% 12% 8% 17% 11% 73% Completed Construction & Commissioning 50% Approval FEED (Front-End Engineering Design) Feasibility Dec 2022 Pipeline Dec 2024 Status of the 202
Slide 14: 90% of 2023/24 COD projects face delays
…while 90% of 2023/24 COD projects face 1+ year delays Hydrogen Projects by Expected Start Year (# of projects) ~160 ~200 ~260 ~140 ~200 100% 90 80 70 60 50 COD status Dec 2024 40 >3yr Delay 30 3yr Delay 20 2yr Delay 10 1yr Delay Same Date/Accelerated 0 2023 2024 2025 2026 Post-2026 Source: Bain Ana
Slide 15: Strong fundamentals for green hydrogen
Despite near-term challenges, solid progress shows strong fundamentals From 2021 to 2025, green hydrogen has advanced significantly in investment, capacity and policy Electrolyzer Installed Capacity (GW) Number of Countries with Hydrogen Strategies +145% 85 60 54 +43% 4.9 30 +100% 23 +17% Investment
Slide 16: Regulation in key regions is maturing
Regulation in key regions is maturing Region Date Regulatory Body & Action Detail The U.S June 2025 Senate Action on 45V Clean Extended the construction start deadline for the 45V tax credit by 2 years, now set for Hydrogen Production Tax Credit December 31, 2027 European Union June 2023 RFNBO Deleg
Slide 17: Large potential for green hydrogen
Stated policies chart the path to a large potential for green hydrogen Green Hydrogen Production (million tons) 2024 0.14 (Current context) › IEA's World Energy Outlook 2025 projects that by 2035, green hydrogen production and installed electrolyzer capacity will grow roughly 70x under the stated po
Slide 18: Agenda
Agenda › Introduction › 2025Q3 Highlights › Financials › Market & Regulatory Update › Commercial & Operational Update Q&A
Slide 19: Changes to the Management Team
Changes to the Management Team Effective from 1st December 2025: Michael Caspersen will join HydrogenPro in the position as Chief Commercial Officer › PhD in hydrogen technology › 14 years of experience across the energy landscape and Hydrogen › Hydrogen industry “incumbent”, starting his career com
Slide 20: ACES starting up, SALCOS in assembly
ACES starting up, SALCOS in assembly PROJECT SIZE & USE SCOPE STATUS & NEXT STEPS › 220 MW › All trains have been › Electrolyzer stacks through the initial start-up ACES › Renewable + gas separator phase (USA) fuel for power › 2nd gen technology › Next milestone is to generation operate all trains i
Slide 21: Progressing on rollout in Indian market
Progressing on rollout in Indian market… Thermax Collaboration Spectrum – Key Highlights Update on the Partnership in 2025Q3 Exclusive rights in India for alkaline electrolyzer systems, 1 including after-sales and upgrades. › Access to an emerging market via a well-connected 2 Local manufacturing &
Slide 22: Establishing foothold in the UAE
…and establishing foothold in the UAE Green Hydrogen Price at Production Location 2023 LCOH 2030 LCOH Country (USD/kg) (USD/kg) UAE 2.7 1.7 UAE has the lowest LCOH and is expected to maintain this advantage through 2030, making it a highly cost-competitive India 3.2 1.8 hub for green hydrogen Saudi
Slide 23: Partnerships enable full scope delivery
HydrogenPro’s partnerships enable full scope delivery on large- scale project, combining bankability, guarantees, quality Single interface Customers key › “EPC wrap” via ANDRITZ & Thermax with single Target customers Green hydrogen project – key components selection criteria interface to simplify &
Slide 24: Gen 3 electrodes: quality scale-up supported by test hours
Gen 3 electrodes: quality scale-up supported by 200k test hours › Coating Line 1 (Aarhus, Denmark) is fully operational, producing Gen 3 SALCOS electrodes with consistency and driving major gains in productivity and output toward full capacity › HydrogenPro has logged: – 200 000 hours of testing – 1
Slide 25: Improved electrolyzer development results
Improved electrolyzer development results… › New and improved stack featuring: Full-scale test 2 – Better electrodes Stack Design Version 1 Stack Design Version 2 NextGen Stack – Lower shunt current through modified stack design › Result: – Lower specific energy consumption – More hydrogen produced
Slide 26: Optimization goals for full-scale electrolyzers
…and optimization goals for full-scale electrolyzers › Total optimization › Optimized shunt of electrolyzer Performance current design and stack and Gas › Demo shunt current higher H2 yield Separator Skid design improvements › Better flow design and › Higher H2 yield distribution materials (lower ›
Slide 27: Maintaining a robust sales pipeline
Maintaining a robust sales pipeline › Maintaining a robust pipeline, though market fluctuations have delayed FIDs by at least a year. › Government funding and regulatory compliance are key enablers for project commitment › Most European leads (20–200 MW) now target FIDs in 2026, with strong traction
Slide 28: Key investment highlights
Key investment highlights Vast TAM and massive growth potential for green H2 underpinned by secular tailwinds Favorable government policies provide critical support; new end markets unlock a bigger TAM for green H2 HydrogenPro’s 3rd-generation technology drives significant LCOH reductions Technology
Slide 29: Powering innovation. Energizing tomorrow.
POWERING INNOVATION. ENERGIZING TOMORROW. \4ydrogenPro